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Shares in Suzlon Energy Ltd slipped this week. The stock
continued its decline in the previous session after hitting its 52-week high.
Today it broke 6.35%to hit an intraday low of Rs.14.15 versus the previous
close of Rs.15.11. This comes after the company announced that it had approved
the conversion of 92,65,406 shares with a par value of Rs. 2 (and Rs. 1 paid
up) into fully paid shares with a par value of Rs. 2 (and Rs. 2 paid up) total
Rs 2,31,63,515.
The Company is in the
process of completing the necessary formalities for corporate actions, exchange
and trading permits for the converted rights stocks ," Suzlon said in an exchange filing. As on date, the paid-up
capital of the company is Rs 24,88,21,24,180 divided into 12,40,90,37,097 fully
paid-up equity shares having a face value of Rs 2 each and 6,40,49,986 partly
paid-up equity shares having a face value of Rs 2 each with Re 1 each.
The BSE and NSE stock exchanges have placed Suzlon Energy's
securities under the short-term ASM (Additional Surveillance Measure)
framework. Parameters for short-listing securities under the ASM include
high-low variation, client concentration, number of price band hits, price
volatility near the close, and price-to-earnings (P/E) ratio. Exchanges place
stocks in short-term or long-term ASM frameworks to warn investors about high
volatility in stock prices. Suzlon Energy reported a
consolidated net profit of Rs 320 crore for the March 2023 quarter, led by
lower expenses. It recorded a consolidated net loss of Rs 193 crore in Q4 FY22.
In addition, Suzlon reduced its net debt by 79.64%to Rs 1,180 crore in Q4 FY23
compared to Rs 5,796 crore in the corresponding period last year.
Turnover on the counter stood at Rs 79.32 crore on BSE today,
commanding a market capitalisation (m-cap) of Rs 17,715.58 crore.
On technical setup, the stock was last seen trading higher than
the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day
relative strength index (RSI) came at 69.31. A level below 30 is defined as
oversold while a value above 70 is considered overbought. The company's stock
has a price-to-earnings (P/E) ratio of 8.71. It has a price-to-book (P/B) value
of 37.78.
The scrip has a one-year beta of 1.53, indicating high volatility.
Support on the counter could be seen at Rs 13.30. Suzlon is bearish and also
overbought on the daily charts with strong resistance at Rs 15.75. A daily
close below support of could lead to Rs 13.30 could lead to targets of Rs
11.30-10.50 in the near term."
After the government announced that it would float India's first
offshore wind energy tender very soon, the stock is showing electrifying
performance and has already jumped more than 70%in a month. So, buying on dips
is advisable for a target of Rs 18 while keeping a stop loss placed at Rs 9.
Buy near Rs 11.
